Fortuna Mining Corp. (FSM) vs OR Royalties Inc. (OR)

Fortuna Mining Corp. and OR Royalties Inc. are both Gold companies. OR Royalties Inc. is the larger, with a market value of $6.7B against $3.4B — 2.0× the size. Fortuna Mining Corp. trades at the lower P/E: 9.5× against 23.7×. OR Royalties Inc. grew revenue faster over the last twelve months: 69.5% against 58.6%. OR Royalties Inc. has the higher net margin (78.0% vs 32.0%) and the lower return on invested capital (10.8% vs 27.1%). Across the 22 metrics below, Fortuna Mining Corp. leads on 13 and OR Royalties Inc. on 9.

Valuation

Metric FSM OR Gold median
P/E 9.50 23.71 23.34
P/S 2.98 18.53 5.02
P/B 1.93 4.53 3.53
Price to free cash flow 8.48 47.20 16.73
EV/EBITDA 3.96 21.12 8.34
EV/Sales 2.66 18.91 4.92
Earnings yield 10.52% 4.22% 1.44%
Free cash flow yield 11.80% 2.12% 0.75%

Profitability

Metric FSM OR Gold median
Gross margin 57.24% 84.85% 50.00%
Operating margin 51.23% 77.18% 26.32%
Net margin 31.98% 78.03% 12.30%
Free cash flow margin 35.10% 83.58% 0.00%
Return on equity 22.59% 20.41% 6.36%
Return on assets 16.32% 17.17% 0.00%
Return on invested capital 27.13% 10.78% 0.52%

Growth

Metric FSM OR Gold median
Revenue growth (TTM) 58.62% 69.51% 68.15%
EPS growth (last fiscal year) 119.51% 1,111.11% —
Revenue growth, 5-year CAGR 27.69% 11.71% 16.12%
Net income growth, 5-year CAGR 67.89% 74.88% 0.00%

Health

Metric FSM OR Gold median
Debt to equity 0.11 0.14 0.10
Current ratio 3.00 2.28 3.08
Net debt to EBITDA (0.61) (0.61) 0.00

Dividend

Metric FSM OR Gold median
Dividend yield — 1.10% 1.49%
Payout ratio 0.00 0.51 0.00

Size

Metric FSM OR Gold median
Market cap 3.40b 6.66b 1.96b

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